India-EU Seal Historic FTA, Pledge Tech & Green Energy Partnership

"This historic deal is a milestone in the India-EU Strategic Partnership that will significantly enhance bilateral trade and investment ties, drive shared prosperity, strengthen resilient and diversified supply chains, and support sustainable and inclusive growth," a joint statement issued after the 16th India-EU Summit co-chaired by the three leaders said.

The leaders emphasised the central role of the World Trade Organisation (WTO) in the multilateral trading system and global trade governance and underlined that meaningful, necessary, and comprehensive reform of the WTO is essential to improve its functions so that it is better suited to advance all members' objectives.

In the context of global uncertainty and disruptions, closer economic ties between India and the EU are more important than ever to drive growth, job creation, green transition, industrial development, and more resilient, sustainable and trustworthy supply chains, the statement said.

The leaders of India and the EU are committed to ensuring the full implementation of the FTA. Additionally, they tasked their respective teams to complete negotiations, at the earliest opportunity, on an Investment Protection Agreement (IPA) and on an Agreement on Geographical Indications (GIs). They committed to work on scaling up bilateral investments and engage in discussions on Blue Valleys to accelerate private sector engagement in strengthening select value chains, the joint statement said.

Noting that India and the EU have complementary strengths in the technology domain, it said that both sides will increase collaboration across the entire value chain, linking enhanced research and innovation to business engagement and market operationalisation. In the current geopolitical environment and amidst global disruptions, they reaffirmed the India-EU Trade and Technology Council (TTC), a high-level coordination platform to address key trade, technology and economic security issues, as the cornerstone of their technology partnership and aim to further enhance its work. The two sides will continue to advance together on promoting Digital Public Infrastructure.

The two sides will also further strengthen collaboration on emerging technologies, innovation, and research, including by creating EU-India Innovation Hubs and launching an EU-India Startup Partnership. The leaders welcomed the renewal of the India-EU Agreement for Scientific and Technological Cooperation until 2030 and agreed to launch exploratory talks on the association of India to Horizon Europe, the EU's research and innovation programme.

Further, the leaders committed to accelerated cooperation in clean transition and energy resilience in the framework of the EU-India Clean Energy and Climate Partnership. In this context, they welcomed the creation of the India-EU Task Force on Green Hydrogen and the announcement of an India-EU Wind Business Summit to be convened in 2026.

The two sides will also work together to improve regional connectivity, while unlocking new commercial opportunities for EU and Indian businesses. The leaders underlined the launch of joint projects under the India-EU Connectivity Partnership supported by Global Gateway and India's MAHASAGAR, the setting up of a regular Aviation Dialogue, and cooperation in the maritime transport sector. They welcomed advances in the India-Middle East-Europe Economic Corridor (IMEC), launched during the 2023 G20 New Delhi Summit.

Council President Costa and Commission President von der Leyen welcomed the holding of the AI Impact Summit in New Delhi on February 19-20, and the leaders looked forward to a successful event, reiterating their commitment to outcome-oriented cooperation, the statement said.

The leaders also addressed the India-EU Business Forum, attended by CEOs and industry leaders from both sides, where they called for ambitious private sector investments to harness synergies in critical sectors and for new business initiatives to drive closer trade and investment ties, the statement added.

- IANS